When a company allows its shares to be listed on the exchange, the shares can be sold to selected investors either by the company itself (direct listing) or by an issuing bank.

If a maximum of 100 qualified investors (banks, funds, etc.) are involved, the company is not required to provide a prospectus (see article 2, paragraph 1e of the European Prospectus Directive).

The shares being sold can come from existing shareholders or be part of a capital increase.